Senior Net Debt definition

Senior Net Debt means, at any date, Senior Debt at such date minus the aggregate amount of all cash and Cash Equivalent Investments of the Borrower and the other Restricted Subsidiaries that are subsidiaries of the Borrower (excluding any cash and Cash Equivalent Investments that are blocked or restricted so that they may not be used for general corporate purposes at such date) in excess of $10,000,000 at such date.

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Senior Net Debt means Borrowers’ Debt minus cash on hand, cash equivalents, marketable securities, and Subordinated Debt.

Senior Net Debt means, as of any date, all Net Total Funded Debt of the Companies which is not Subordinated Debt.

Examples of Senior Net Debt in a sentence

Maintain, at all times, a maximum ratio, calculated at the end of each Financial Quarter of Senior Net Debt to Consolidated EBITDA of (i) 3.5:1 for the Financial Quarters ended April 30, 2000 and July 31, 2000; (ii) 3.25:1 for the Financial Quarters ended October 31, 2000 and January 31, 2001; (iii) 3.0:1 for the Financial Quarters ended April 30, 2001, July 31, 2001 and October 31, 2001; and (iv) 2.5:1 for each Financial Quarter thereafter.
The foregoing ratios shall be reduced by 0.25:1 for each U.S.$25,000,000 of Subordinated Debt incurred by Bracknell at any time following the date hereof, provided that (i) any such adjustment shall be made commencing and shall be effective in the Financial Quarter immediately following the receipt of the Net Proceeds of such Subordinated Debt by Bracknell; and (ii) at no time shall the ratio of Senior Net Debt to Consolidated EBITDA be less than 2.5:1.
For the purposes of Clause 20.2 (Financial Ratios), Senior Net Debt or Total Net Debt for any Ratio Period will be calculated on the basis of Senior Net Debt or Total Net Debt, as applicable, outstanding on the last day of that Ratio Period.
For the avoidance of doubt, failure by the Borrower (i) to comply with the Adjusted Senior Net Debt to Adjusted EBITDA Ratio, the Adjusted Senior Net Debt to Equity Ratio or the EBITDA Interest Cover Ratio for the Test Period ending 30 September 2016, or (ii) to deliver a compliance certificate in the form of Schedule 4 to the Loan Agreement for the Test Period ending 30 September 2016, shall not constitute a Default or an Event of Default under the Loan Agreement.
On the Closing Date, the Consolidated Senior Net Debt to EBITDA Ratio will be determined by reference to (a) the pro forma certificate delivered to the Agent pursuant to Section 2.1(e) for the fiscal quarter ended December 31, 2020, or (b) if available, the Compliance Certificate in respect of the fiscal quarter ended March 31, 2021.

More Definitions of Senior Net Debt

Senior Net Debt has the meaning given to it in Clause 23.1 (Financial Definitions).

Senior Net Debt means as at any particular time, the aggregate outstanding principal, capital or nominal amount outstanding (other than fixed or minimum premium payable on prepayment or redemption) under the Term Facilities, the Capex Facility, the Revolving Credit Facility and the Ancillary Facilities:

Senior Net Debt means Total Interest Bearing Debt as would be reflected on a balance sheet of the Group less Cash and Cash Equivalents and Subordinated Debt.”

Senior Net Debt means, at any time, Consolidated Net Debt adjusted to exclude the aggregate amount of all Financial Indebtedness incurred by Relevant Stand Alone Financed Acquisitions and all cash or Cash Equivalents held by Relevant Stand Alone Financed Acquisitions.

Senior Net Debt means, at any time, Senior Debt less Cash of the Bank Group and, on and from the Closing Date but prior to the earlier to occur of the Debt Pushdown Date and the Acquisition Facilities End Date, the Group (as defined in the Acquisition Facilities Agreement) (but without double counting).

Senior Net Debt means the sum of: (i) Senior Debt (other than amounts committed but not outstanding under an Authorised Credit Facility); plus (ii) amounts drawn on the Liquidity Facility (other than in respect of a Standby Drawing) and amounts drawn from the Liquidity Standby Account; plus (iii) any Permitted Financial Indebtedness (as defined in the Master Definitions Agreement) (other than the CCFF Debt) incurred pursuant to paragraphs (a)(iv) to (a)(viii) of the definition thereof that is not, pursuant to the STID, subordinated to the Senior Debt; less amounts held in Authorised Investments or cash in any Borrower Account (excluding any Excluded Cash). Terms used in this definition but not defined have the meanings given to them in the Master Definitions Agreement.

Senior Net Debt means, at any time, without duplication, all secured Debt of the Borrower and its Subsidiaries on a consolidated basis that (in the case of any Obligor) is not expressly subordinated to the Obligations at such time, net of Unrestricted Cash to a maximum amount of CAD$25,000,000, but excluding from secured Debt any letters of credit, letters of guarantee and performance and surety bonds to the extent they are cash collateralized.